LBNYX | Bond Debenture Fund Class I | Lord Abbett

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Bond Debenture Fund

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Summary

Summary

What is the Bond Debenture Fund?

The Fund seeks to deliver high current income and long-term growth of capital by investing primarily in a variety of fixed income securities and select equity-related securities.

A PIONEER IN MULTI-SECTOR

Over four decades of multi-sector bond investing, emphasizing rigorous credit research.

A FLEXIBLE APPROACH

The flexibility to adjust allocations to take advantage of opportunities as market conditions change.

TIME-TESTED RESULTS

A long track record illustrates performance in many market environments.

Yield

Dividend Yield 1 as of 06/08/2023  

w/o sales charge 5.36%

30-Day Standardized Yield 2 as of 05/31/2023  

5.87%

Average Yield to Worst as of 04/28/2023

6.41%

Fund Basicsas of 04/28/2023

Total Net Assets
$21.86 B
Inception Date
03/27/1998
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.58%
Fund Net Expense Ratio
0.58%
Number of Holdings
856
Minimum Initial Investment

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 0.82% -3.20% 0.99% 1.66% 3.52% 5.30%
Lipper Category Avg. Multi-Sector Income Funds 2.29% -1.31% 0.51% 1.36% 2.30% -
Bloomberg U.S. Aggregate Bond Index 2.46% -2.14% -3.65% 0.81% 1.39% 3.99%
w/ sales charge 0.82% -3.20% 0.99% 1.66% 3.52% 5.30%

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 1.84% -5.37% 4.08% 1.92% 3.77% 5.38%
Lipper Category Avg. Multi-Sector Income Funds 2.44% -4.20% 2.63% 1.33% 2.35% -
Bloomberg U.S. Aggregate Bond Index 2.96% -4.78% -2.77% 0.91% 1.36% 4.03%

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

RELATED CONTENT

Multisector Investing: Key Themes for Today’s Market
November 1, 2021

Lord Abbett experts discuss the current uncertainty around rates and inflation—and the potential appeal of a multisector fixed income strategy in such an environment

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
MBS
Non-U.S. Investment Grade Corporate
Non-U.S. High Yield Corporate
Equity
CMBS
ABS
Sovereign
Municipals
Bank Loans
CLO
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/28/2023 View Portfolio

Rating Assets
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

25 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

29 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

26 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

15 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Supported By 76 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/08/2023  

w/o sales charge 5.36%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.87% 5.87%

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 0.82% -3.20% 0.99% 1.66% 3.52% 5.30%
Lipper Category Avg. Multi-Sector Income Funds 2.29% -1.31% 0.51% 1.36% 2.30% -
Bloomberg U.S. Aggregate Bond Index 2.46% -2.14% -3.65% 0.81% 1.39% 3.99%
w/ sales charge 0.82% -3.20% 0.99% 1.66% 3.52% 5.30%

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/27/1998
w/o sales charge 1.84% -5.37% 4.08% 1.92% 3.77% 5.38%
Lipper Category Avg. Multi-Sector Income Funds 2.44% -4.20% 2.63% 1.33% 2.35% -
Bloomberg U.S. Aggregate Bond Index 2.96% -4.78% -2.77% 0.91% 1.36% 4.03%

Fund Expense Ratio :

Gross 0.58%

Net 0.58%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2022 -12.49% -13.01%
2021 3.46% -1.54%
2020 7.69% 7.51%
2019 13.80% 8.72%
2018 -3.77% 0.01%
2017 9.44% 3.54%
2016 12.62% 2.65%
2015 -1.59% 0.55%
2014 4.76% 5.97%
2013 8.16% -2.02%
2012 13.49% -
2011 4.35% -
2010 13.40% -
2009 35.87% -
2008 -20.14% -
2007 5.72% -
2006 10.29% -
2005 1.93% -
2004 8.97% -
2003 20.58% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.84% - - - 1.38%
2022 -5.82% -7.91% -1.71% 2.66% -12.49%
2021 0.88% 2.23% 0.16% 0.16% 3.46%
2020 -11.92% 10.20% 4.42% 6.26% 7.69%
2019 6.91% 3.67% 0.66% 2.00% 13.80%
2018 -1.10% 0.02% 2.30% -4.90% -3.77%
2017 2.72% 2.01% 2.60% 1.80% 9.44%
2016 1.69% 4.38% 4.83% 1.21% 12.62%
2015 3.46% -0.39% -3.59% -0.95% -1.59%
2014 2.93% 2.60% -1.50% 0.71% 4.76%
2013 3.21% -1.28% 2.66% 3.42% 8.16%
2012 5.76% 0.20% 4.56% 2.43% 13.49%
2011 4.31% 0.94% -6.39% 5.88% 4.35%
2010 3.93% -1.11% 6.60% 3.50% 13.40%
2009 2.51% 12.94% 11.51% 5.24% 35.87%
2008 -2.83% 1.52% -7.75% -12.25% -20.14%
2007 2.61% 1.32% 1.99% -0.30% 5.72%
2006 2.82% -0.43% 3.64% 3.95% 10.29%
2005 -1.78% 1.63% 1.61% 0.49% 1.93%
2004 1.83% -0.53% 3.05% 4.39% 8.97%
2003 3.44% 7.92% 2.06% 5.83% 20.58%
2002 0.08% -3.83% -1.84% 5.15% -0.66%
2001 3.84% -0.22% -3.52% 5.47% 5.44%
2000 -0.16% 1.00% 1.45% -2.84% -0.61%
1999 1.77% 0.05% -1.36% 3.82% 4.27%
1998 - 0.76% -4.88% 4.92% 0.55%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
MBS
Non-U.S. Investment Grade Corporate
Non-U.S. High Yield Corporate
Equity
CMBS
ABS
Sovereign
Municipals
Bank Loans
CLO
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/28/2023

Rating Assets
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2023

  • The Fund remained diversified across broad fixed income sectors. Beyond investment grade and high yield corporate bonds, the Fund maintained a meaningful allocation to agency mortgage-backed securities (MBS), as well as modest allocations to convertible bonds, sovereign debt, and municipal bonds. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity. On the other hand, we reduced allocations to asset classes such as bank loans and structured products like commercial mortgage-backed security (CMBS) and asset-backed securities (ABS).
  • The Fund continued to be positioned primarily in higher quality and more liquid investments. We have continued to prioritize the Fund’s exposure to higher quality credits, which continued in the first quarter. We continued to target larger, more liquid complexes within both investment grade and high yield cash markets given the macroeconomic uncertainty. That being said, we selectively added BB and B rated bonds that offered attractive entry points. Although the Fund maintained higher exposure to below investment grade credit relative to the benchmark, we focused on adding quality credits that we believe are less exposed to downside tail risks.
  • We shifted the Fund’s composition towards investments with shorter duration and higher carry. During the quarter, we rotated the Fund out of its high-quality sovereign, supranational and agency holdings, as well as municipal exposure and longer duration investment grade and EM corporates. We repositioned these funds into other areas that we believed would exhibit higher quality investments with more carry opportunity, including select sectors of securitized products and high yield bonds.
  • We increased the Fund’s Agency MBS exposure. We added to agency MBS in January on the back of better inflation data. This purchase was based on several factors, including the desire to add liquid, high-quality risk. Agency MBS would also benefit from a potential period of lower rate volatility in the near term, and the asset class possesses a unique potential to deliver favorable outcomes in both soft and hard landing scenarios as a government guaranteed asset. As we move past what may be the worst of the regional banking volatility, we continue to closely monitor this asset class for technical pressure from deposits. To complement our agency MBS, we increased Prime Jumbo exposure which had broadly lagged the overall spread tightening that came from banks forced selling in late December 2022.
  • We are constructive on the Basic Industry and Energy sectors, which were the top overweight within the corporate sector allocation. On the corporate front, we continue to favor investments in the Basic Industry sector, primarily companies within the Metals and Mining and Steel subsectors. We believe these issuers have better upside potential given the recent selloff in more cyclical parts of the high yield space throughout the beginning of 2023. We also expect these companies to be supported by the economic reopening in China, which should provide a tailwind for commodity prices. We had also added to investments within the Building Materials subsector that yielded attractive entry points but have more recently trimmed this allocation in response to sensitivity to ongoing rate volatility. We also remain overweight certain defensive sectors like Utilities as a ballast to these cyclical overweights.
  • The Energy sector continued to exhibit defensive characteristics, particularly as the high yield energy index trades at much tighter spreads than the overall high yield market. However, the sector pulled back this quarter amid a stretch of softer oil prices and concerns of a decreased global economic growth outlook. We reduced holdings that we believed yielded rich valuations as well as several lower-quality, higher beta high yield issues. However, we continue to believe that Energy issuers should continue to be supported by relatively higher oil prices given the ongoing inadequate global capacity issues. We also continue to view Energy as a much more defensive sector than in prior periods given relatively healthy balance sheets.

Portfolio Details as of 04/28/2023

Total Net Assets
$21.86 B
Number of Issues
856
Average Coupon
5.06%
Average Life
7.86 Years
Average Maturity
9.51 Years
Average Effective Duration
5.12 Years
Average Yield to Worst
6.41%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/08/2023
$0.14860
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2023 $0.03075 $6.85
Daily Daily 04/30/2023 $0.02994 $6.98
Daily Daily 03/31/2023 $0.03110 $6.98
Daily Daily 02/28/2023 $0.02872 $6.96
Daily Daily 01/31/2023 $0.02810 $7.13

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
07/27/2022 07/28/2022 - $0.0131 $0.0131 $7.24

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.58% 0.58%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Annual Report
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Semi-Annual Report
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The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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